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Preparing for retirement Money Matters
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requires a great deal of commitment and discipline to achieve this goal, and most people will still be planning for retirement at aged 65.
T
The bedrock of retirement is your pension. You could have a works (occupational) pension, a private pension or both. Ideally you need to focus on your pension at least 10 years before retirement as the next 10 years could make all the difference to the final outcome. For a works pension, you need to look at existing benefit levels and then get a projection for your selected retirement age. If you have a private pension you will need to look at the fund value and consider your contribution level. It is also worth obtaining and reviewing a projection of benefits.
Next take a look at your State pension – you might be in for a surprise. Everything has changed in the last few years and women are the big losers here. Whereas, in the past, the retirement age for women was 60, new rules will see it rise to 65 by November 2018, 66 by November 2020 and, 67 by 2028. For men, the State pension age will also rise but their starting base is 65 and not 60 and therefore this may not be quite so painful.
The other issue to consider is that the old State pension structure has now been reengineered and called a Single Tier pension. So for women, two things are apparent—working life will be longer and the wait for State pension entitlement will be longer as well.
To find out your retirement age, go to:
www.gov.uk/state-pension-age. To get a pension forecast under the new system,
go to:
www.gov.uk/government/publications/ application-for-a state-pension-statement
Next, you need to think about how you use
he key to a peaceful and stress free retirement is planning. Whilst you may retire at 55 under the new pension rules, it
Kingsley Close • East Way • Lee Mill • Ivybridge • Devon • PL21 9GD SWLaw Investment & Financial Planning Ltd
Registered in England. Company Number 03462625 Authorised and regulated by the Financial Conduct Authority. Firm No 222033
Do you need an income from your investments? Is your pension on track?
Worried about inheritance tax? Want to reduce your tax burden?
We can help
Friendly, no cost, no obligation consultation CALL US NOW! 01752 205205
Kingsley Close • East Way • Lee Mill • Ivybridge • Devon • PL21 9G SWLaw Investment & Financial Planning Ltd
swlaw.co.uk
Registered in England. Company Number 03462625 Authorised and regulated by the Financial Conduct Authority. Firm No 222033
25/05/2017 16:50 by Eric Cowsill, MD of SWLaw Invetment & Financial Planning Financial Advert
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your savings and any lump sums paid out of your occupational or private pension pot; as well as any possible income generation in addition to your pension income. Interest rates are low and likely to remain so for quite some time to come, so looking at alternative means of generating income would make sense. Also, reviewing how you spread your investments is a sound proposition. You should consider ISAs or portfolios constructed for you by an Investment Manager – your Independent Financial Adviser can assist with this. The idea is to build up capital ahead of your retirement and then use it for income once in retirement. If you take your income tax position into account, it may well be that some of the returns will bear little income tax or could even be tax free.
Paying off debt is psychologically rewarding and
makes financial sense. Before retirement you could consider increasing credit card repayments. Most payments contain a huge amount of interest so reducing this area of debt may be very beneficial. The big one, of course, is the mortgage. You could use the tax free lump sum from your pension to pay this off, or perhaps switch the product, provider or monthly repayments — there are a number of ways to improve your financial position by carefully looking at all the options. Again, a financial professional can assist with this.
It just takes time and commitment to ensure that
the foundations for your retirement are rock solid. A little bit of professional planning now, accompanied by regular monitoring, can go a long way to securing that peaceful and well-earned retirement. Delaying your planning or possibly not taking professional advice could cost you in the long- term.
SWLaw Investment & Financial Planning • 01752 205205 •
www.swlaw.co.uk
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